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1st LD Writethru: Gold down on strong U.S. dollar

Xinhua, April 21, 2015 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange dropped on Monday as the U.S. dollar showed strength.

The most active gold contract for June delivery down 9.4 U.S. dollars, or 0.78 percent, to settle at 1,193.70 dollars per ounce.

Gold came put under pressure as the U.S. dollar index, a measure of the dollar against a basket of major currencies, rose by 0.48 percent to 97.97 in midday trading. A stronger greenback will reduce the appeal of gold-denominated gold futures.

Another factor pressurizing gold is the lastest sign of increased bank loans in China after the People's Bank of China reduced its bank reserve requirement ratio by 100 basis points to 18.5 percent on Sunday, before the market opened.

Investors are also focusing on two key Greece meetings ahead this month, as well as a meeting by the U.S. Federal Reserve, which could indicate the timing of the rate hike.

Silver for May delivery fell 34 cents, or 2.10 percent, to close at 15.889 dollars per ounce. Platinum for July delivery lost 18.7 dollars, or 1.60 percent, to close at 1,148.80 dollars per ounce. Endite